The top Democrat on the U.S. Senate Banking Committee is conducting a wide-ranging inquiry into Wall Street’s compliance with government enforcement settlements, following complaints that banks keep getting in trouble after being punished by regulators.
Bloomberg News reports that Ohio Senator Sherrod Brown sent letters to more than a dozen major banks last week, requesting details on legal judgments they have entered into with 15 agencies, dating back to 2005.
While it doesn’t specifically say what the focus of the investigation is, many of the demands relate to whether banks are regularly running afoul of laws and regulations.
The Democratic staff is looking into 'enforcement actions' stemming from violations of 'U.S. antitrust, banking, consumer, fraud, housing, securities or tax laws', Brown wrote in the letter.
The probe adds new heft to concerns that some lawmakers and regulators have been raising about banks’ recidivism.
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